Great Western Mining Corp. plc Olympic Gold Project Further Update (6812T)

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RNS Number : 6812T

Great Western Mining Corp. plc

22 July 2020

GREAT WESTERN MINING CORPORATION PLC

("Great Western", "GWM" or the "Company")

Olympic Gold Project Further Update

Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW) provides a progress report on its recently acquired option over the Olympic Gold Project in Nevada where further targeted surface sample assays taken by exploration personnel have now been successfully analysed in an independent laboratory, with positive results.

Results of sampling at the OMCO Mine Extension target were reported to shareholders on 9 July and initial work has now been completed on three further targets in the area:

   --    Trafalgar Hill 
   --    West Ridge 
   --    Rhyolite Dome 

Preliminary results are set out below:

Trafalgar Hill

The Trafalgar Hill target is centred around a small adit on the side of Trafalgar Hill where Great Western's selective sampling of a spoil heap has yielded gold grades of up to 24.20 ppm, as set out in Table 1 below:

 
                  UTM NAD83 (m) 
 Sample   Easting        Northing                Location           Au (ppm)     Ag (ppm) 
         -------------  --------------- 
                                          Trafalgar Hill - Adit 
 567209        421,086        4,273,785    T2 dump                     24.20        12.40 
         -------------  ---------------  -----------------------  -----------  ----------- 
                                          Trafalgar Hill - north 
 567212        421,020        4,273,820    outcrop                       0.05    <0.30 
         -------------  ---------------  -----------------------  -----------  ----------- 
                                          Trafalgar Hill - south 
 567213        421,033        4,273,697    of summit                     0.07         0.90 
         -------------  ---------------  -----------------------  -----------  ----------- 
                                          Trafalgar Hill - Shaft 
 567214        421,072        4,273,608    T5 dump                       0.01    <0.30 
         -------------  ---------------  -----------------------  -----------  ----------- 
 

Table 1 Selective sampling results from the Trafalgar Hill prospect.

Trafalgar Hill Trafalgar Hill is an area of light volcanic rock, subsequently altered by a significant influx of silica, resulting in a pale, hard, resistant unit. Great Western considers that the vein exploited in the past from the small adit could be significant and ranks it as a strong target for follow up. As this vein has been worked previously, its orientation may be inferred to a reasonable degree of accuracy, meaning that it is effectively drill-ready without the need for further preliminary work.

West Ridge

Selective sampling conducted at the target area found anomalous gold and silver assays, see Table 2 below, with a best result of 1.47 ppm gold taken from quartz vein material at a spoil heap. There are few outcrops to be seen but dump material implies that alteration at West Ridge is mixed, with a combination of green propylitic alteration occurring in the spoil heaps and silicification evident. The combination of epithermal vein textures and anomalous gold-silver assays is very encouraging, so follow-up mapping and soil sampling will be carried out to establish vein targets for drill-testing.

 
                  UTM NAD83 (m) 
 Sample   Easting        Northing                 Location             Au (ppm)     Ag (ppm) 
         -------------  --------------- 
 567215        421,713        4,273,348   Target 4 - Shaft 402 dump         0.72         6.50 
         -------------  ---------------  --------------------------  -----------  ----------- 
 567216        421,713        4,273,348   Target 4 - Shaft 402 dump         1.47         4.90 
         -------------  ---------------  --------------------------  -----------  ----------- 
                                          Target 4 - vein 30 m NE 
 567217        421,725        4,273,362    of Shaft 402                     0.71         1.50 
         -------------  ---------------  --------------------------  -----------  ----------- 
 567220        421,683        4,273,321   Target 4 - Adit 403 dump          0.42         4.00 
         -------------  ---------------  --------------------------  -----------  ----------- 
 

Table 2 Selective sampling results from the West Ridge prospect.

Rhyolite Dome

The Rhyolite Dome prospect is located at the south-east end of the Olympic Gold Project claim area, occurring within a heavily-altered felsic unit. Silicification is pervasive, along with other minor alteration styles. A buried breccia target occurs beneath the postulated dome structure, where selective sampling around the dome produced anomalous results, see Table 3. The target zone does not crop out on surface, and so drilling is required in order to test it thoroughly.

 
                  UTM NAD83 (m) 
 Sample   Easting        Northing                Location            Au (ppm)     Ag (ppm) 
         -------------  --------------- 
 567218        423,449        4,272,027   Rhyolite Dome - dump            0.02    <0.30 
         -------------  ---------------  ------------------------  -----------  ----------- 
 567219        423,449        4,272,027   Rhyolite Dome - dump            0.26         2.50 
         -------------  ---------------  ------------------------  -----------  ----------- 
                                          Rhyolite Dome - quartz 
 567221        423,389        4,271,921    ledge                          0.04         3.00 
         -------------  ---------------  ------------------------  -----------  ----------- 
                                          Rhyolite Dome - altered 
 567222        423,439        4,271,996    outcrop                        0.02         0.40 
         -------------  ---------------  ------------------------  -----------  ----------- 
 

Table 3 Selective sampling results from the Rhyolite Dome prospect .

The above information has been reviewed by William Cooper, who is the Vice-President Exploration of Great Western Mining Corporation PLC. He holds a MSc in Mining Geology from the Camborne School of Mines. He is a Member of the Australian Institute of Geoscientists (MAIG) and is a Qualified Person as defined in the Note for Mining and Oil & Gas Companies which form part of the AIM Rules for Companies. Mr Cooper consents to the inclusion of the information in the form and context in which they appear.

Great Western Executive Chairman Brian Hall commented: "Together with the sampling exercise on the OMCO Mine Extension already reported, this completes our initial assessment of the four main targets so far identified at the Olympic Gold Project. The next stage will be a magnetic survey over the OMCO Mine Extension to try to identify mineralisation on the other side of a fault from the original successful gold workings, which produced over 35,000 oz. gold in the first half of the 20(th) century from high grade rocks. In parallel with this, we expect to use the same contractor to carry out a magnetic survey over part of the RH Group, where soil sampling in late 2019 established gold and silver potential in an area never previously mined. At Mineral Jackpot, we are looking into the option of using a light mobile rig to drill directly into veins which we have already mapped, by-passing the need to drill trenches prior to drilling. Such a rig could potentially be used to assess the ancient spoil heaps at Mineral Jackpot, which we are planning to leach for gold and silver. Due to current trans-Atlantic travel restrictions, we have engaged with local specialist personnel and are now moving forward strongly with our 2020 programme, funded by our recent share placings."

For further information:

 
 Great Western Mining Corporation PLC 
 Brian Hall, Chairman                      [phone] 
 Max Williams, Finance Director            [phone] 
 
 Davy (NOMAD, Euronext Growth Adviser 
  & Joint Broker) 
  John Frain                                [phone] 
 
 Novum Securities (Joint Broker) 
  Jon Belliss                              [phone] 
 
 ETX Capital (Joint Broker) 
  Thomas Smith                             [phone] 
 
 Walbrook PR (PR advisers) 
  Nick Rome/Nicholas Johnson               [phone] 
 

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July 22, 2020 02:00 ET (06:00 GMT)